Chesapeake Energy Corporation 2011 Annual Report
2011 ANNUAL REPORT BOLD MOVES BIG FUTURE BOLD MOVES BIG FUTURE BOLD MOVE: BOLD MOVE: Shifting our focus Declaring to liquids America’s Energy With our liquids production up 72% in 2011, we have Independence the second-best track Leading the charge to saying “yes” record of liquids production to American natural gas and “no” growth in the industry to OPEC BOLD MOVE: BOLD MOVE: BIG FUTURE: Developing Vertically integrating Capturing the value-added our operations nation’s largest financing strategies Creating value for shareholders while resource base streamlining Expediting development and re- Significant discoveries and aggressive operating couping leasehold investment while leasehold acquisitions led to industry- efficiency and retaining major interests in new plays leading positions in top U.S. uncon- reducing costs ventional natural gas and liquids plays CORPORATE PROFILE CONTENTS Chesapeake Energy Corporation (NYSE:CHK) is the second-largest 1 Financial Review producer of natural gas, a Top 15 producer of oil and natural gas liquids and 4 Letter to Shareholders the most active driller of new wells in the U.S. Headquartered in Oklahoma 16 Operating Areas City, the company’s operations are focused on discovering and developing 20 unconventional natural gas and oil fields onshore in the U.S. Chesapeake owns Investor Q&A leading positions in the Barnett, Haynesville, Bossier, Marcellus and Pearsall 22 Social Responsibility natural gas shale plays and in the Eagle Ford, Utica, Granite Wash, Cleveland, 24 Community Relations Tonkawa, Mississippi Lime, Bone Spring, Avalon, Wolfcamp, Wolfberry and 26 Environmental, Health and Safety Niobrara unconventional liquids plays. The company has also vertically 28 integrated its operations and owns substantial marketing, midstream and Board of Directors oilfield services businesses directly and indirectly through its subsidiaries 28 Governance Chesapeake Energy Marketing Inc., Chesapeake Midstream Development, L.P.
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